TRADELINE LIVE GOLD NEWS UPDATE
PRECIOUS-Gold prices rise on softer dollar, Italy budget woes
Oct 3 Gold prices touched a one-week high on Wednesday as the dollar softened and demand for the safe-haven metal got a boost on concerns surrounding Italy's plans to tackle budgetary deficit.
Risk appetite was hit after European Union (EU) officials expressed concerns about Italy's budget plan, which would widen the deficit significantly. The deficit blowout revived fears of the eurozone debt crisis.
However, the debt fears were tempered on reports that Italy will cut its budget deficit at a faster pace than expected. GLOB/MKTS
Spot gold XAU= was up 0.2 percent at $1,205.66, as of 0505 GMT. Earlier in the session, the bullion touched a one-week high of $1208.31. It gained 1.3 percent on Tuesday in its biggest one-day percentage gain since Aug. 24.
U.S. gold futures GCcv1 climbed 0.2 percent to $1,209.50 an ounce.
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